Facts
General
The Wallet
Terms
Facts 2
100
What is bitcoin/ BTC
Bitcoin is a digital currency
200
At what age can you purchase bitcoins?
There is no age limitation to purchase BTC. Anyone can purchase bitcoins.
However, you need to find a way to set up an account with cash to purchase the wallet.
Gift Cards on Paxful
For this method, you only need to buy your preferred gift card, then head over to Paxful and exchange the gift cards for Bitcoin. Buying gift cards is a great method for minors to acquire cryptocurrency because at no point will you have to answer questions regarding your age.
200
What is double spending?
Using BTC in two separate transaction at the same time. the block chain has a mechanism to prevent this problem.
- A technical issue that arises with the notion of a digital currency is the ability for somebody to duplicate the digital money and spend it simultaneously at two or more places.
- This 'double-spend' problem is prevented in blockchain-based cryptocurrencies such as Bitcoin by using a consensus mechanism known as proof-of-work (PoW).
200
How do you start a bitcoin account?
create a bitcoin wallet
you have to download a client-like bitcoin-QT
200
How do you get paid with bitcoin?
the only piece of information you have to provide
You need an address- it's like your home address or an email -but its a number
200
What if I send my bitcoins to the wrong address?
The wrong person?
BTC is irreversible. The address is anonymous.
Once you make y our payment you cannot get BTC
back unless the receiver agrees to refund it.
300
In 2014 850,000 bitcoins went missing, if they found those today how much would they be worth?
check the graph
The cost of 850,000 Bitcoins in United States Dollars today is $18,251,863,563.58 according to the “Open Exchange Rates”, compared to yesterday, the exchange ...
18 billion dollars
300
When was the first Bitcoin transaction?
What is January 12, 2009
300
Where do I store the wallet?
you can print it
download on the phone/computer
save it on an external drive-incase the computer crash or lose your phone
300
What is the blockchain?
Blockchain is a public record of all the bitcoin transactions.
300
Who is the founder of Bitcoin?
What is Satoshi Nakamoto
400
If someone who had 10,000 bitcoins in 2010 still had them today, how much would they be worth?
The price of Bitcoin is determined in the same way that the value of the U.S. dollar is determined: supply and demand. Like fiat currency, when the demand for bitcoin increases, the price increases. When demand for bitcoin falls, the price falls k the chart
$19 million
400
Is bitcoin a safe investment?
Bitcoin is a high-risk and volatile currency.
Its value can increase or decrease at any given time.
400
what is a bitcoin wallet
It's where you store your digital currency
each time you have a transaction, creating a different address. ( i.e., an email address)
400
What type of currency is Bitcoin?
What is Cryptocurrency
400
Bitcoins market cap surpasses how much?
What is $138 billion
500
in the video, he bought 400 bitcoins; he paid $50
How much was one bitcoin?
400/$5=
50x8=400
5x8=40
50x8=400
500x8=4,000
500
Bitcoin is limited to how many coins?
What is 21 million
There are only 21 million bitcoins.
500
How do you protect your wallet?
encrypt your wallet( use a password)
if someone gets hold of your cellphone your BTC will be safe and cannot be used by others.
help keep hackers at bay.
if you lose your password your BTC it will permanently be lost
500
Bitcoin is a ____-to- ______ network
What is peer-to-peer
500
One bitcoin equals how many US dollars?
